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Talking about and handling money is one of the most complicated aspects of being an adult. And for many of us, the conversation can get uncomfortable fast. Whether that’s parsing through finances with your partner or negotiating salary at work, the issue can be a source of anxiety and discomfort. And while it’s normal to be a bit reluctant when it comes to cash talk, sometimes your negative feelings toward money come from past financial trauma. A condition you may not even be aware of. So, what is financial trauma? “Financial trauma is a financial wound or injury that can cause disruptive behaviors with money,” explains Stephanie Genkin, Certified Financial Planner (CFP), Certified Financial Therapist (CFT-1) and founder of My Financial Planner, LLC. “We tend to think of trauma as something extreme, but it’s not limited to dramatic events.” That means even the smallest incident can forever affect how you deal with money. In the same way that emotional o...

A woman has shared her top money-saving tips after paying off her £20,000 debt – without giving up frivolous treats. Shaurna Cameron, 29, first experienced issues with her finances when she graduated from university in May 2013. The money troubles began after she secured her first full-time job with a salary of £17,000. At the time, Shaurna felt “rich", which spurred her on into spending money on clothes, bags and "useless items", as well as expensive trips. If she couldn't afford it on her monthly earnings, she would put herself into debt by using a credit card. It wasn't long before Shaurna was buried in debt. “When I couldn't afford to pay for my flights outright, I wouldn't hesitate to put this money onto a credit card,” said Shaurna, a compliance specialist. “This meant that by June 2016 [three years later], I had accrued around £20,000 of credit card and loan debt. “Initially I didn't really take it seriously – I was 24, living at h...

A business that extends credit to its customers may find that some of its invoices are paid late, or in some cases not at all. Collecting bad debt is a critical part of maintaining your cash flow and keeping a healthy balance sheet. At some point, however, a debt becomes so far delayed that it has to be written off. Documenting Bad Debt As the name suggests, a bad debt is one that a business can’t collect. This often results from credit sales to customers for goods that have been received but not yet paid for, and have been recorded in your company’s accounts receivables. The Internal Revenue Service expects businesses to show some effort to collect such debts before writing off the amounts. For example, if the debt is the result in a loan to a supplier, it helps to have the debt recorded in a document with the expected returns indicated, and to retain copies of letters or e-mails demanding the funds be repaid. Deducting Debt The IRS allows bad debt to be written off and de...

The savings rate in America is pretty abysmal. Fifty-seven percent of Americans have less than $1,000 in their savings accounts, according to a 2017 GOBanking Rates survey. Without savings, people can be forced to take on debt when they lose their job, get sick or have major car repairs. Fortunately, there are some easy ways to trick yourself into saving money, whether for retirement, college, a new car, vacation or a rainy day. Here are five: Automatic Transfers Having money automatically moved from your paycheck to a retirement account, or from your checking account to savings, can be a painless way to save money without realizing you’re doing it. It’s called “Pay yourself first” and it is meant to pay into your retirement or other savings accounts so that you pay your future self first. Otherwise, it’s money you’re likely to spend. Hide It Automatic transfers are one way to hide your money and keep it out of your sight so you don’t spend it. There are other ways to hide...

Here’s how to figure it out. Manhattan Institute fellow argues that college diversity studies have created a profitable 'growth industry' in the corporate consulting world. Borrowing for college is considered a given by many families.  Fifty-five percent of families said they plan to take out student loans this year, according to a recent survey by College Ave Student Loans, a provider of private student loans. Of those families, slightly more than half say they expect to borrow $10,000 to $40,000 in loans, while 23% say they plan to borrow $75,000 or more, according to the study.  But how much is too much? There is no one answer, of course. It depends on several things, including: how long the student takes to graduate; how much he or she stands to make after graduation; and what resources a family has. Each family needs to determine the number they can afford to avoid becoming unduly burdened by education loans. "I often hear from families, ‘We got in, we’re...

When you are looking to manage your credit rating it is important to make sure you are aware of what makes a credit score a positive one. But what can impact your credit score and how can it continue to impact your finances moving forwards. In this article, we will be providing you with insight into some of the ways that you can begin to better manage your credit rating.  What Is A Good Credit Score  Before you begin improving your credit score, it is important to make sure that you are aware of what a good credit score is. With three major reporting systems in the form of TransUnion, Equifax and Experian all allowing you to check your own credit score it is important to make sure you know which score is an acceptable one.  A good credit score with each of these reporting agencies is as follows:  TransUnion – 781 points out of 850  Equifax Over 420 points out of a total of 700 Experian – A Grand Total of over 880 out of 999 Make Sure You Pay Eve...

Reading Time: 3 minutes  2020, the year that took us by surprise. While we’re trying to move forward in 2021, there is something to consider about the year the pandemic arrived on our shores. Were you financially prepared? Unexpected job loss, lowered incomes, and job furloughs were all a part of last year’s challenges, so now as circumstances start to improve, and global hope is increasing, it’s time to consider your personal finances and take control of them. Here are five top tips to help you succeed. Invest your money and save  A highly important part of managing your money is knowing where to put it. While paying bills and life expenses is first and foremost, the money you don’t need to cover bills should be going somewhere safe. Most people choose to save extra money for rainy days and this is wise, but investing is also another way you can “save” while earning more. Whether you choose to set-up a savings account, invest in real-estate or 401k, financial...

By Kaylie Reese Debt isn’t something we often talk about in casual conversation, but it’s something millions of Americans struggle with at different points of their life, whether it’s student loans or a home mortgage or from credit cards.  According to data recently compiled by Experian, American consumers carry more than $90,000 in debt on average.  If you’re someone like me, who likes to set goals, why not consider finding a way to manage your debt?  My partner and I are planning to enter the market to buy a house in the near future, but with our high student loan debt and car payments, in addition to other monthly expenses, we decided to get in better financial shape before doing so.  So in an effort to learn sustainable ways to tame our debt, I reached out to financial experts who live and work in Greater Bangor. Here’s what they shared.  Don’t hide from debt  Even if we don’t talk about it very often, debt is extremely common.  Approximately 80...

January 18, 2021 5 min read  Opinions expressed by Entrepreneur contributors are their own.  This is the fourth in a series of original columns for Entrepreneur.com by Laura D. Adams that will publish two Mondays a month. And don't forget to purchase a copy of Adams' latest book for Entrepreneur Press, Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers, via Amazon | Barnes & Noble | Bookshop | IndieBound. If you're like most, you're ready for a new year with fewer challenges to your health and wealth than 2020 presented. While this post won't help you avoid Covid or shed any of that unwanted quarantine weight, it will give you essential tips to refocus your financial goals.  Even if you don't care for annual "resolutions," the new year is a perfect time to reflect on the past, analyze the present and dream about ...

With the economy being as uncertain as it is today, it’s no wonder that a lot of business owners are looking for ways to improve cash flow for their companies.  Here are a few tips that you can use to manage and track the money that flows in and out of your business:  1. Factoring Invoices  Invoice factoring is an innovative, business-friendly alternative to traditional bank-backed financing methods. It gives your small business immediate access to the working capital you require, without debt to pay or any other strings attached.   Take a look at the following factoring benefits:  Save Time And Money: When you’re factoring invoices, a private factoring company purchases your pending invoices, or invoices that haven’t been paid yet by your customers. The factoring company pays a percentage of the total receivable amount, and takes on the burden of collecting payment from your customers. This saves your business significant time and money that you would’ve...

Most people want to save as much as possible for retirement, and oftentimes that means listening to the experts about how, exactly, to plan for your senior years.  Unfortunately, though, there's a lot of not-so-great advice floating around out there, and some of the most well-known retirement rules no longer apply to today's workers. As you're planning for retirement, you may be better off steering clear of these outdated guidelines.  1. The 4% rule  The 4% rule has been around since the mid-1990s, and it states that you can withdraw 4% of your total savings during the first year of retirement, then adjust your withdrawals each year after to account for inflation.  While the 4% rule is still a good benchmark to get an idea of roughly how much you can spend each year in retirement, it has its flaws. For one, bond yields have dropped dramatically over the last couple of decades, so your retirement investments may not grow as much as the 4% rule assumes. In other word...